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  • Writer's pictureLawrence Lore

Banker and Oil Man





F C Borough, for many years one of the leading businessmen of Lawrenceville, was killed at Harrison New York February 17, 1924, by a train.


Frank Borough came to Lawrenceville in 1909 from North Baltimore, Ohio to accept the position of cahier at the Farmers State Bank which position he held for ten years.  He became interested in several oil propositions and in January 1919 he resigned his position at the bank to give his entire time to his oil interests which had become extensive.  His holdings in Texas, California, Kentucky, and Illinois were quite valuable.


During the summer of 1922 Borough suffered a nervous breakdown, and his health was seriously impaired.   He visited many of the famous specialists in the country and traveled extensively in the vain hope of regaining his health.  He spent some time at the Mayo hospital in Rochester Minnesota and later tried specialists in North Carolina and Florida.


Borough's physical condition remained about the same during those weary months and he was unable to give the proper time to his vast oil interest.  He disposed of his elegant home in Lawrenceville and a great part of his oil holdings in 1923. In the fall of 1923 Borough went to Harrison, a suburb of New York City, where he resided with his wife until his death.


Mr. Borough was extremely popular among the oil men of the community and was regarded as one of the shrewdest men in the game.  He had accumulated a comfortable living but the slump in oil prices and demand in 1923 wiped out much of his surplus.  However, it was estimated that his estate would amount to considerably more than $100,000.


His personal efforts were largely what caused that the Lawrenceville Farmers National Bank to forge to the front in the early years of its existence. 


Editor's Note: $100,000 in 1924 is equivalent in purchasing power to about $1,793,836.26 today, an increase of $1,693,836.26 over 100 years. Researchers have not be able to determine yet where his "elegant home" in Lawrenceville was located. The Farmer's National Bank was located on the SW corner of the Square where the empty lot is now.



Perhaps you recognize the bank more after it got its facelift.



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